04-454Council File # �/ �� _ `.J \
Resolution #
Green Sheet # �`5� � O
RESOLUTION
CITY OF SAINT PAUL, MINNESOTA
Presented Sy
Referred To
Committee: Date
RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF SAINT PAUL
AUTHORIZING THE MODIFICATION
OF THE TAX INCREMENT FINANCING PLAN FOR THE BLOCK 4
REDEVELOPMENT TAX INCREMENT FINANCING DISTRICT
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1. In November, 1997 the City of Saint Paul (the "City") with the Housing and Redevelopment
Authority of the City of Saint Paul, Minnesota (the "�1RA"), created the Block 4 Redevelopment Taz
Increment Financing District (the "DistricY'), and adopted the Block 4 Redevelopment Tax Increment
Financing Plan (the "Tax Increment Plan"); and
2. Subsequent to the creation of the District and adoption of the Plan, changes in Minnesota tax law
have made it unlikely that 1997 Notes issued in connection with the development of Block 4 will ever be paid in
full, and additional costs were incurred in connection with the acquisition and development of Block 4; and
3. It has been proposed that the Plan be amended to provide for the issuance of 2004 Notes (the
"2004 Notes"} by the IIRA to refinance the original 2997 Nofes at a lower interest rate and to provide for the use
of tax increments for the payxnent of additional reimbursable eligible costs; and
4. The 2004 Notes will not be a general obligation of the City ar the HRA, and will not be
payable from ar chargeable against any funds other than the tax increments pledged to the payment thereof,
and neither the City nor the HRA shall be subject to any liability on the 2004 Notes other than from such tax
increments; and
5. The Council has held a public hearing regarding the proposed amendment of the Plan and
directs that the First Amendment to the Plan be sent by the IIRA to the applicable taxing jurisdictions, as
required by law;
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3 NOW, T`HEREFORE, BE IT RESOLVED by the City Council of the City of Saint Paul, Minnesota,
4 as follows:
1. Public Hearing. This Council has conducted a public hearing on the proposed amendment of
the Plan pursuant to and in accordance with Minnesota Statutes, Sections 469.001 to 469.047 and Sections
469174 to 469.179, inclusive, as amended.
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2. Tas Increment Plan. Approval is hereby given to the terms of the First Amendment to the Plan
(the "AmendmenP'), and execution of the Amendment by the Executive Duector of Plauniug and Economic
Development of the City, as necessary. Such approval includes approval of such additional details therein as may
be necessary and appropriate, such modifications thereof, deletions therefrom and additions thereto as may be
necessary and appropriate and approved by the City Attomey, counsel, and appropriate City staff; and said City
Attorney, counsel, and City staff are hereby authorized to approve said changes and related instruments on behalf
of the City upon deterxnination by them that such changes and related instruments are consistent with this
Resolution and necessary or desirable to effectuate the purposes hereof.
3. Ratification of Prior Actions . All fmdings and approvals previously given by the City in
connection with the creation of the District and adoption of the Plan in 1997, except as expressly amended by the
Resolution far purposes of the Amendment, are hereby ratified and affirxned.
Adoption
By
Approved
By
Requested by Department of:
Plannin & Economic �S� -lo ent
i
BY: ��� '� �b� �
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Approved by Einancial Services
B G� � M
Adopted by Council: Date �GL//�.ie?fc��0�
��`�
� Green Sheet Green Sheet Green Sheet Green Sheet Green Sheet Green Sfie2t�
� Department/offieeleouncil: Datelnitiated: + Green Sheet NO: 3015118
PE — Plam�ing & Econoaric Deve]opment 16APR-04
i
CoMad Person & Phone• Deaartrnent Sefrt To Person InitiallDate i
Jenny Wolfe � 0 lanoine & Economic Develoo . I
I 6-6555 qu�yn 1 �lannine & Ecmomic Develoo I Deoartmeot Direcror I
Must Be on Council /�qenda by (Date): Number 2 i Attorne �Yr) I
28APR-04 ��) IG ll�n rt t �
�'�' �� Routing 3 mancial Services i
Orclef 4 a or's Oflice I Ma odAssistant
5 onncil
6 lerk Ci Clerk
ToWI # of Signature Pages � (Clip All Locations for Signature)
Action Requested:
Signature on resolution axnending Block 4(NIlV Mutual) TIF' District
Recommendations: Approve (A) or Reject (R): Personal Service Contracks Must Answer the Following Questions:
Planning Commission 1. Has this person/firtn ever worked under a contract for this department?
CIB Committee Yes No
Civil Service Commission 2. Has this person/firm ever been a city employee?
Yes No
3. Does this person/firm possess a skill not normally possessed by any
curtent city employee?
Yes No
Explain all yes answers on separate shee! and attach io green sheet
Initiating Problem, Issues, Opportunity (Who, What, When, Where, Why):
In 1997, the IIRA issued a$15,000,000 pay-as-you-go ta�c incremern note to Minnesota Life. Both parties desire to refund the elcisting
note. The refunding requires an amendment to the Tax Increment Financing Distdct.
Advantatles If Approved:
Statutory requirements to amend the Ta1c Incxement Financing District will be met.
Disadvantastes If Approved:
None.
Disadvantages If Not Approved:
Statutory requirements to amend the Tax Increment Financing District will not be met.
Total Amount of CosURevenue Budgeted:
Transaction: N A
FundinSl Source: Activity Number:
Financial Information:
(F�cplain)
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FIRST A.'�IEr��IENT TO
HOUSI\G au\'D REDEVELOP�IE�T AUTHORITY
OF THE CITY OF S_�INT PAUL, illIi\1TESOTA
TAX L\'CREbiENT FL�iAlVCIr'G PL �v FOR
BLOCK 4 REDEVELOP�IE1��
TAX INCREbIENT FINA!vCIrG DISTRICT
I. Introduction
A. Background
The Housin� and Redevelopment Authority of the City of Saint Paul, Minnesota (the
"HRA") created the Block 4 Redevelopment Tax Increment District (the "DistricY') pursuant to
Minnesota Statutes, Section 469.174, Subd. 10, and adopted the Housing and Redevelopment
Authority of the City of Saint Paul Tax Increment Financin� Plan for Block 4 Redevelopment Tax
Increment Financing District (the "Plan") in connection therewith.
Pursuant to the Plan, and the Contract for Redevelopment dated November 17, 1997 (the
"A�eemenY') the HRA issued its taacable tax increment note to The Minnesota Mutual Life
insurance Company, now known as Minnesota Life Insurance Company ("Minnesota Life") in the
ori�inal principal amount of $1�,000,000 to finance $IS,OOQ000 ofpublic cosTs (the "1997 Note").
At the time of issuance of the 1997 Note, iY was anticipated that the 1997 Note �vould be fuliy paid
from tax increments �enerated by the District. Subsequent to the creation of the District and the
issuance of the 1997 Not�, changes in Minnesota tax law have made it unlikely that the 1997 IvTote
wzll ever be paid in full. In addition, �6,000,000 of expected additional costs were incurred in
connecrion �vith the acquisition and development of Che Project defined in the Plan.
The Agreemen± contemplated the possibility that the additional Reimbursable Eligible
Costs would be incurred in connection with the development of the Project Block, and that
Minnesota Life could ask the HRA to provide additional financing for such additional
Reimbursable Eligible Costs.
B. Proposed Refmancing and Additional Financing
It has been proposed that the HRA refmance the 1997 \TOte, and provide for the fmancin� of
additional eligible costs, by issuin� a taac-exempt tax increment note in the ori�nal principal
amount of $17,800,000, to�ether with a tasable tax increment note in an ori�inal principal amount
not to exceed �3,200,000 (collectively the "2004 Notes"). It is expected that, duz to the decrease in
debt service payable under this refinancing, that the 2004 Notes will be paid in full prior to the
maximum term of the Dishict.
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IrTotes:
Amendments to Plan '
The Plan is hereby amended in the following respects to reflect the issuance of the 2004
A. Part IV.A. of the Plan is hereby amended in its enrirety to read as follows:
A. Cost of redevelopment project
The total cost of the new activities undertaken in the District is $118,000,000,
broken down as follo�cs:
Office Tower Construction/Other
Site Improvements
Pazking Ramp Construction
Acquisition of existing block, demolition,
removal or remediation of hazazdous substance,
and relocation, including accrued interest
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$76,100,000
15,900,000
26,000,000
� 118.000.000
The public costs of the Project were $26,000,000, and included amounts necessary to:
acquire the project block; demolish existin� improvements; remove or remediate asbestos
and contaminated soil; remoce or remediate any other hazardous materials; remove
foundations and footin�s; geo-technical soil corrections; rou�h �ading of the project block;
relocation of public and private utilities; relocation of present owners/tenants of the project
block; and skyway reconnections including temporary covered access, plus accrued interest
on such amounts.
The taY increment bud�et for the Dishict is attached hereto as Appendis B.
B. Part IV.B of the Plan is hereby amended in its entirety to read as follows:
B. Incur costs and expenses connected with financing activities.
The FIRA has previously issued the 1997 Note to fmance $15,000,000 of public
costs. It is now anticipated that the HRA will refmance the 1997 Note and provide for the
financin� of additional eligible costs, through the issuance of the 2004 Notes of which
S17,800,000 is anticipated to be a tas-exempt tax increment note and an amount not to
1 Thz cost of the construcrion of the pazking ramp includes sufficient shuctural footings, support and load-bearing
capaciTy to pemut the construction of a compazable second office tower above the pazkin� ramp. Such cosu aze not
reimburseable from tax increments.
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exceed 53,200,000 is anticipated to be a taxable tax increment note. Proceeds of the 2004
Notes c�zll be used to refinance the 1997 Note and to reimburse Nlinnesota Life for
additional public costs incurred in the acquisition of land, the construction of the pazkin�
ramp, the costs of urility extension, li�htin�, sidewalks, streetscapes and road
improvements.
C. Part VII.�., B and C of the Plan are hereby amended in their entirety to read
as follo�r
A. Cost of the Project, including administrative expenses.
The total cost of the Project was 5118,000,000 includin� aduiinistrative charges in
an amount up to 10% of the tas increment expenditures. In addition to the upfront costs, an
additional cost of the Proj ect will be a payment in the amount of appro�mately �57,000 per
year throu�h 2008, to AMBAC, as the insurer of bonds presently outstandin� and secured
by tax increments from the Seventh Place District. This payment will compensate t1MBAC
for the decrease in increments from the Seventh Place District that will occur as a result of
removing Block 4 from that district.
B. Amount of bonded indebtedness to be incurred.
The FIl2A shall be the issuer of the 2004 I�TOtes in an ag� egate principal amount not
to exceed $21,000,000 to finance and refinance the public costs of development on Block 4.
The I3RA may issue refunding bonds or notes for purposes of refinancin� such
indebtedness.
C. Sources of revenue to finance or othenvise pay project costs.
The following are the likely sources for funding the total Project, including the tax
increments which will be pledged to the bonded indebtedness:
Tax Increments
Tax increments are anticipated to equal up to [52,722,420] annually. The
HRt1 hereby determines that it wi11 use 100% of the captured net tax capacity of the
property in the District to carry out the development pro�am described above.
ii. Develooer Financin�
Minnesota Life has paid the total cost of construction of the office tower and
pazking ramp, which was $92,000,000.
iii. Inveshnent income
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Certain intzrest eamin�s from the tas increments, if an�, will be a source of �
revenue to pay� project costs. A current estimate of such eanun�s is not available.
D. Part VIII of the Plan is hereby amended to re��se the section identified as
"Impact on Tasing Jurisdictions" as follows:
Impact on Tasing Jurisdictions
In connection «�ith the creation of the District and adoption of the Plan, and under
the assumption that the estimated capture net tax capacity ��ould be available to the taacin�
jurisdictions �vithout creation of the District, creation of the District was estimated to deny these
taxin� jurisdictions the taxes from the captured net tax capacity in the amount estimated in Table
1 belo�v. Note the District to be created is currentiv akeadv �vithin the Seventh Place District
which expires in 2008. Therefore. the creation of this new District will denv the taxing
jurisdictions those taxes onlv from the years 2009 to 2026.
The amendment of the Plan, as contemplated by this First Amendment, is now expected
to deny these taxing jurisdictions the taxes from the captured net tas capacity in the amounts
estimated in Appendix A1 and Appendix A2
III. Ratification of Prior Findinas and Determinations
The findings made by
the HRA in the Plan cvith respect to the need and public purpose for the creation of the District and
the Project, the objectives of the HRA far the improvements in the District, the classificarion of the
District, and all other information contained in the Plan, are hereby ratified and affirmed as of the
date made.
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APPENDIX A2
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Tai Increnxn[ Financing (Rcaavclo?mzn� pisTCt
Mmn¢sotd MuNat PiOfact
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TAX INCREMENT FINANCING PLAN BUDGET Y Appendix-B':
Name of District: Block 4(Minnesota Mutual}
Type of District: Redevelopment
Duration of District: 25 years
1) Net of State Auditor Deduction
2) Interest on Pay-as-you-go notes: 315M 1997 Note at 8.65% refunded by $21 M
in 2004 Notes at blended rate of 5.75%
1)
2)